Citi® Prepaid Services Brings Innovative Solutions to Europe, the Middle East & Africa
The Leader in Prepaid Solutions Introduces its Innovative Payment Solutions to the United Kingdom with Plans to Further Expand Across EMEA
LONDON - Nov. 11 – Citi today announced that its Global Transaction Services business for Europe, the Middle East and Africa (EMEA), has launched an EMEA platform for Citi® Prepaid Services and is now servicing clients in the United Kingdom. Citi will provide customised prepaid card solutions, in pounds sterling, Euro and US dollar, for corporate and public sector clients looking for simple and convenient ways to deliver payments, including payroll, consumer rewards and employee incentives that the recipients can then use worldwide. As a global market leader in prepaid card services, Citi will look to continue to expand this offering across other countries in EMEA over the next several months.
This international expansion follows the renaming of Ecount inc., a leading prepaid cards provider in the United States, acquired by Citi in 2007. This further solidified the seamless integration of Citi‚s world-class payment platform and global brand with Ecount‚s experience and proprietary prepaid technology. This expansion also provides ideal solutions for global clients that operate across a variety of borders and currencies.
Citi Prepaid Services has revolutionised payments for payroll, consumer rewards, sales incentives and government benefits, transforming paper dependent inefficient and costly processing into an electronic solution that a number of leading public and private corporations across a variety of industries already rely on. Citi Prepaid‚s unique solution provides significant cost savings, operational efficiencies, risk mitigation, a robust reporting package, fully customised materials and valuable employee benefits. The innovative platform offered by Citi Prepaid delivers a flexible programme designed to meet an organizations objectives, delivering faster, more efficient and convenient payments to employees.
Rajesh Mehta, Managing Director and Regional Head for Treasury and Trade Solutions for Europe, the Middle East and Africa, Citi, said, "The launch of Citi Prepaid Services in the UK, followed by our other EMEA markets, is demonstrative of Citi‚s unrivalled ability to support our clients. We are able to supply our clients with innovative solutions which offer them greater flexibility, allowing them to deliver payments with ease. Citi clients will benefit from dedicated client service teams, which will provide local expertise combined with globally consistent services that are top rated in the industry."
Matt Gillin, Chief Executive Officer of Citi Prepaid Services said, "Citi has paved the way to launch internationally, helping us bring our innovative solutions that have served North America for the last decade to the rest of the world. We‚re incredibly excited to take these essential steps towards providing the first true global prepaid payment solution to our prospects and clients and look forward to continuing this expansion to further extend our reach around the world."
Citi acquired Ecount, Inc, in March 2007, integrating their products into Citi’s Global Transaction Services business, strengthening the firm's cash management platform for corporations, financial institutions and governments.
Citi’s Global Transaction Services offers integrated cash management, trade, and securities and fund services to multinational corporations, financial institutions and public sector organizations around the world. With a network spanning over 140 countries, Citi’s Global Transaction Services supports over 65,000 clients. As of the 3rd quarter of 08, it held on average $273 billion in liability balances and $11.9 trillion in assets under custody.
Citi, the leading global financial services company, has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Citi’s major brand names include Citibank, CitiFinancial, Primerica, Smith Barney, Banamex, and Nikko. Additional information may be found at www.citigroup.com or www.citi.com.
About Citi® Prepaid Services
Citi Prepaid Services (formerly Ecount) is a leading provider of innovative corporate prepaid solutions. Through a consultative approach, Citi Prepaid provides clients with comprehensive electronic payment programs that reduce costs, enhance operational efficiencies and provide an unmatched user experience. Leveraging an extensive payment platform and proprietary prepaid technology, clients around the world depend on Citi Prepaid‚s custom programs for all types of payments including compensation, promotions and disbursements.